I&M significantly reduces rate hike request

(Photo supplied/ABC 57)

Indiana Michigan Power submitted a settlement agreement, significantly reducing the original requested rates for its Building the Future proposal.

The company proposed a 20% rate hike back in July 2017, saying it would help pay for higher operating costs.

RELATED: Indiana Michigan Power asking for almost 20 percent rate hike

I&M’s newly proposed overall request is for an increase of $96.8 million, or 7.26 percent, which stems from the company’s new ability to pass savings from the federal Tax Cuts and Jobs Act to customers. The monthly increase for a residential customer who uses 1,000 kilowatt hours would be $9.41, or 32 cents per day.

The agreement is subject to approval by the Indiana Utility Regulatory Commission (IURC).

I&M plans to establish new programs to help low-income customers and offer economic development incentives to communities.

Related posts

Indiana’s April jobless rate is unchanged at 3.2 percent

Associated Press

Officials in Benton Harbor still looking for possible suspect in car theft

Tommie Lee

Stand-off in Mishawaka ends peacefully

95.3 MNC

Leave a Comment